You may want to see if each partner has enough passive loss carryforward to offset the gain.

For a while I looked into medium size deals like 30-50 units in class B neighborhoods, but ultimately could not negotiate a deal to the point where it would have made financial sense.

Sounds like you're on the right track for areas to find deals.

@Toby FellowsYou are correct, you need to ‘hang’ your license under a broker in order to practice real estate, and most brokerages require you to become a member of the National Association of Realtors as well.While you are preparing and taking your courses, contact several brokers and interview them to find out who might be a good fit.

what would you think of a 14,600sqft 3 unit property in sailboat bend, off market, that is RMM25 zoned and has a nice single family and duplex behind it, half of the lot if empty so it can be developed or RV/trailer parking, for $1.1M?

Flip the thinking.......How much equity do you have?  

I'm now figuring out how to maximize the return on current properties and add value, efficient ways to self manage, etc.

They find deals on oceanfront houses all over the country.I'd even look for a fixer upper to get a great deal.

If so, how do you feel about the property you chose?

It isn't a big job but I don't want things to go south so I stay in it.Of course I practically live on this forum so I pass along any pertinent info I find as well as answer questions.